Needham & Company Raises CBS (CBS) PT by $8 on REIT News

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Needham & Company raised its price target on Buy-rated CBS (NYSE: CBS) from $40 to $48 after the company announced its intention to convert its Outdoor Americas segment into a REIT, and divest itself of Outdoor operations in Europe and Asia.

"We view this transaction as consistent with management's comments that these assets are non-strategic. We estimate that the entire outdoor division is worth an extra $5B to CBS shareholders after completion of these transactions, adding about $8/share ($5B/645mm shares) to our target price."

For an analyst ratings summary and ratings history on CBS click here. For more ratings news on CBS click here.

Shares of CBS closed at $40.42 yesterday, with a 52 week range of $27.93-$42.55.

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